For the first time in a long time, it’s cheaper to buy a house right now than at the same time last year.
Buyers are taking advantage, as home sales increased across the country last month.
Brittany Baughman sells houses around Seattle with “Four Elements Realty and Co.” She says her sales have been going up.
“When I’m working with buyers, I have been competing against other offers again,” Baughman said. “And offers are getting aggressive again.”
DOWN PAYMENTS FELL TO LOWEST LEVEL IN TWO YEARS: HERE’S WHY
A big reason why is lower prices. According to the “National Association of Realtors” and “Freddie Mac,” the average home price fell to $363,000 in February, and mortgage rates are under 7%.
“In the past few weeks, interest rates have dipped back down into that 6% range,” said Jessica Lautz with the National Association of Realtors. “And that’s been encouraging for buyers to come back in.”
HOME SALES JUMP 14.5% IN FEBRUARY AS PRICES FALL FOR THE FIRST TIME IN A YEAR
Home sales rose across the country from January to February.
US HOME PRICES POST FIRST ANNUAL DECLINE SINCE 2012
The most significant jump is in the west, with a 19.4% increase. But according to Baughman, buyers need to be aware sellers might not keep prices low for long.
“You’ve got to look at it as a long-term game,” Baughman said. “And get in as soon as you can to still get a piece of these lower prices.”
Data from the National Association of Realtors shows the jump in nationwide home sales from January to February was the biggest month-to-month increase since July 2020.
Read the full article here